The PolitiFitoken, TRUMP Coin, has gained significant attention due to its rising price and notable investor interest. However, substantial transfers from the team’s wallet to exchanges, followed by political reactions, have heightened tensions in the market.
Millions in Transfers Raise Questions
On-chain data revealed that on April 29, approximately $19.6 million worth of tokens were transferred from a wallet linked to the TRUMP Coin team to centralized exchanges. Notable platforms receiving these transfers included Binance, OKX, and Bybit, with Binance receiving the largest share. The transfer of 700,000 tokens to Binance was valued at about $10.21 million. Additionally, 350,000 tokens were sent to OKX, and 296,000 tokens were transferred to Bybit. This surge in supply on exchanges led some investors to interpret it as selling pressure, leaving the short-term price outlook uncertain. As these developments unfolded, the value of TRUMP Coin had climbed as high as $13.95, with weekly gains nearing 70%. However, following the large transfers, a slight decline in buying appetite was observed.
Political Reactions and Calls for Investigation
U.S. senators Adam B. Schiff and Elizabeth Schiff have requested an ethical investigation into the recent sharp increase in TRUMP Coin prices. This surge particularly drew attention after a high-profile dinner organized by former President Donald Trump, attended by prominent investors. The senators have asked Jamieson Greer, director of the U.S. Office of Government Ethics, to investigate whether there were any legal or ethical violations behind these developments. The statement highlighted that after the dinner, the token experienced an approximate $100 million increase in value, emphasizing the need for a thorough examination in the public interest. The special dinner scheduled for May 22 is expected to include TRON founder Justin Sun and other notable figures in the cryptosector, further increasing public interest in the event. As investors closely monitor these developments, the regulatory actions and the supply status of the token on exchanges appear to be crucial for the short-term trajectory of TRUMP Coin. Market experts emphasize that if the scope of the investigation expands, increased volatility may follow. During this period of intense discussions surrounding manipulation within crypto markets, tokens associated with political figures, like PolitiFi projects, are on the radar of both investors and lawmakers.